Lee in HK court after 14-year delay

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Lee Ming Tee, one-time scourge of the Australian stockmarket, is
facing fraud charges in Hong Kong this week, 14 years after the
transactions allegedly took place.

The charges relate to a share placement worth an estimated
$HK673 million.

Mr Lee's family's interests have been steadily growing in
Australia, albeit in a much more low-key manner than during the
1980s when he ran the ill-fated fire and security group Wormald
International.

Mr Lee officially divorced himself from his Malaysian-listed
property vehicle, Mulpha International, with the onset of the fraud
charges six years ago, and is thought to have divested most of his
wealth to his family.

Mulpha International is run by his son, Lee Seng Huang, who owns
a 4 per cent stake.

The Lee family is estimated to be worth as much as $5
billion.

Mr Lee jnr is executive chairman of the local arm, Mulpha
Australia, which has been vacuuming up assets. It paid $400 million
for the Principal Financial Group's hotel portfolio earlier this
year and owns the Sanctuary Cove resort on the Gold Coast. It has
also been selling assets such as the Sydney Opera House car park
and Brisbane's Sheraton Hotel.

Mr Lee made an unsuccessful attempt this year to have the case
permanently stayed because of delays in bringing it to court.

He is accused of conspiracy to defraud and publishing a false
statement of accounts involving the placement of shares by
associates in the early 1990s.

Mr Lee was first charged over the placement in 1998. His
co-accused, Ronald Tse Chu-fai, has pleaded guilty to publishing a
false statement and been given a suspended sentence.